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Nordgold Reports Q4 and 2016 Operating Results

London, United Kingdom, 26 January 2017 - Nord Gold SE ("Nordgold" or the "Company", LSE: NORD), the internationally diversified gold producer, announces its operating results for the fourth quarter and 12 months ended 31 December 2016.

  • 2016 refined gold production of 868.8 thousand gold equivalent ounces (“koz”), in line with the full year (“FY”) production guidance range of 840-880 koz.
  • 2016 gold doré production was 870.4 koz, down 6% compared with 924.1 koz in 2015, mainly due to the discontinuation of production at Aprelkovo, and limited access in H2 2016 to flooded higher grade ore blocks in the West African open pit mines after an unusually long wet season.
  • Q4 2016 refined gold output increased by 11% quarter-on-quarter (“QoQ”) to 235.1 koz driven by higher production at Bissa, Bouly, Taparko, Lefa, Berezitovy and Suzdal mines. Doré production increased by 17% QoQ to 242.7 koz in Q4 2016.
  • The new Bouly mine, launched in September 2016 on schedule and under budget, has exceeded forecasts, reaching full capacity in November 2016 and producing 31.4 koz of gold doré in 2016, ahead of 2016 production guidance of 20 koz.
  • 2016 AISC is expected to be in line with 2016 guidance of US$900/oz — US$950/oz.
  • FY 2017 production expected to be in the range of 900-950 koz.
  • 2017 AISC guidance of US$900/oz — US$950/oz.
  • In 2016, the LTIFR improved to 1.47 compared with 1.60 in 2015.
  • Average realised gold price in 2016 increased by 7% to US$1,246 per oz. Average realised gold price in Q4 2016 was US$1,198/oz, up 9% YoY and down 10% QoQ.
  • FY 2016 revenue decreased by 4% YoY to US$1,083 million mainly due to the lower sales volumes, which were partially offset by higher gold price. Revenue in Q4 2016 increased by 7% YoY to US$281.5 million.
  • Unaudited net debt at 31 December 2016 decreased to approximately US$506.9 million compared with US$559.7 million as at 30 September 2016 and US$584.0 million as at 31 December 2015.
“I am pleased to report another solid quarter of production for Nordgold. In particular I am delighted with the performance of our new Bouly mine in Burkina Faso which has delivered ahead of our expectations. Bouly once again demonstrates our strong track record in developing outstanding mining assets from the ground up, following the big success of our flagship Bissa mine in 2013. Our low cost development pipeline is progressing well. Construction of our new Gross mine in Russia is ongoing and we expect to launch the mine in 2018 as planned. Looking ahead, to 2017, the investments and improvements we have made across our asset portfolio in 2016, combined with the positive outlook for Bouly, give us confidence in expecting a rise in production this year.” Nikolai ZelenskiChief Executive Officer of Nordgold

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